Trump's China trade deal won't wipe out the deficit

Posted - May 20 201705:07

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Trump's China trade deal won't wipe out the deficit

While the 10-point agreement is mainly about China's promises to open its market wider to U.S. firms and buy more of their products, Washington has also promised to facilitate Chinese bank entrance into the United States market and to allow sales of cooked poultry products. Mr. Ross gave these details to the reporters at White House.

America's meat industry claims the Chinese market may be worth $2.6bn to beef producers and the Trump administration's deal with one of the world's top meat importers was widely praised.

On May 11, the U.S. Commerce Department announced a series of trade commitments it reached with China as part of a 100-Day Action Plan. After a World Trade Organization panel ruled against it in 2012, China issued new industry guidelines in 2015 that it said would clear the way for foreign firms.

Ker Gibbs, the chairman of the American Chamber of Commerce in Shanghai, said the measures were a good beginning but not a breakthrough.

"Demand is going to be so high, we're just going to see our beef exports go through the roof", Mann added.

Vice-Finance Minister Zhu Guangyao said the deal was a result of cooperation based on the principle of mutual benefits, stressing that the agreement was not "a list of one side's concessions". "American companies, workers, farmers and more are eager for more access to Chinese markets and they'll look to ensure reality matches the rhetoric of these promises", Mulhauser said. It wasn't until last month at a Mar-a-Lago, Fla., meeting to advance U.S. He said China is now the second largest consumer of beef in the world.

Trade is to resume as soon as possible but no later than July 16, 2017.

As the nation's leader in commercial red meat production and the number one exporter of United States beef, Nebraska agriculture stands to benefit greatly from the opening of this marketplace. "I look forward to the day when we can serve President Trump and President Xi a dry-aged American-made NY strip in Beijing".

NCAA Track & Field SelectionsThe selected Blue Devils will travel to Lexington, Ky., May 25-27 for the preliminary event, hosted by the University of Kentucky. Parker qualified for the 800 meters following her school-record performance at the Wisconsin Alumni Classic back on May 5.

The United States is fast becoming a major LNG exporter, though few of its export cargoes to date have been shipped to China.

The US will also allow American companies to ship liquefied natural gas to China. American Express Co. shares were down 0.6 percent. The move would allow China to diversify its supply and provide a major market for American suppliers, though the expansion could lead to higher prices for us consumers.

The agreement appears a step toward easing discord between the world's two largest economies, but it steers clear of bigger issues that would have more substantial impact on the USA trade deficit. Those projects need to secure long-term supply agreements to underpin their financing before construction can begin.

Vice commerce minister Yu Jianhua, one of China's top trade negotiators, was effusive in his description of the US administration, something not often heard from Beijing.

Ross declined to say exactly what he meant by his characterization at a Thursday briefing. "We do not intend to endanger anybody's health or safety in the USA", he said. "China relations on trade".

The President hailed the agreement Friday, tweeting, "China just agreed that the USA will be allowed to sell beef, and other major products, into China once again".

It remains unclear how far China will go to allow more American exports.

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